News

Further interest rates cuts to hit savers

Published

8 years ago

August 25, 2016

SAVERS face further misery as the Bank of England slashed interest rates to 0.25% yesterday (Aug 4) in an attempt to stimulate the struggling economy in the wake of the Brexit vote.

Retirees and the semi-retired reliant on savings in ‘safe’ bank and building society accounts face a double whammy as record low interest rates combine with rising inflation caused by a weakened pound.

The Bank of Scotland pre-empted this move last week when it wrote to 1.3 million business customers warning that they could start imposing charges on credit balances; effectively imposing negative interest rates.

This would follow moves by banks in Switzerland and Sweden. Even if negative interest rates are not introduced for individual savers, interest rates of practically zero will see hard-earned nest eggs shrink in real terms as the the cost of living rises.

This will be a huge blow to thrifty pensioners who did though they had done ‘the right thing’ throughout their working lives by putting money aside for retirement. The over 65s form a disproportionately high percentage of the west Wales population, and as they are forced to further tighten their belts, this will pile more pressure onto struggling local businesses in one of the most deprived areas of the UK.

Mrs Alice Hughes from Pembroke Dock, who relies on a small nest egg to top up her state pension, told the Herald: “I’ve always been careful and put money away in the building society. With interest rates the way they are now, I’m wondering whether I’d be better off keeping it under the mattress.”

Mr Ronald Edwards from Cardigan, who is due to retire in six months time said: “I’ve been looking at annuities online, and the amounts being offered are so low, I might as well cash in my pension pot and buy a classic car. At least there’s a chance of it increasing in value.”

In further moves, the Bank of England announced further printing of money to prop up the economy, and revised the growth forecast for 2017 from 2.3% to 0.8%.

With pressure on company pension pots creating difficult decisions for managers about whether to invest in wage increases or filling the pension deficit, workers in west Wales could see their already low wages stagnate for the foreseeable future.

Mark Carney, the Canadian Govener of the Bank of England said that this was a necessary step to adjust to the new reality post-Brexit, in which the economic outlook has changed.

There may be some positive news for those with savings in stocks and shares, which receive a boost when interest rates are cut.

There is more positive news for mortgage holders and home-buyers on variable interest rate mortgages, who will see a drop in their monthly payments.

As the pound continues to slide against the dollar, holidaying in the UK may become a more attractive option to families feeling the squeeze, providing a boost to the west Wales tourist industry.

How are you being affected by the record low interest rates? Email [email protected].

News

United Airlines unveils limited-edition Wrexham AFC amenity kits and pyjamas

Published

3 hours ago

May 21, 2024

Tom Sinclair

UNITED AIRLINES has introduced new, limited-edition Wrexham AFC amenity kits and pyjamas to commemorate the Welsh football team’s recent promotion to League One. The launch coincides with the rising global popularity of the Emmy award-winning series “Welcome to Wrexham”, which is currently streaming on Hulu.

Starting from 1st June, passengers flying in United’s premium cabins on long-haul international routes will receive these exclusive Wrexham AFC-inspired kits. These kits will include essential travel items such as an eye mask, toothbrush, and toothpaste, along with exclusive Therabody skincare products. Additionally, United Polaris® customers on flights of 14 hours or longer will be provided with pyjamas designed to resemble the team’s uniforms, featuring a long-sleeve Wrexham red shirt and grey pants.

Co-chairmen of Wrexham AFC, Rob McElhenney and Ryan Reynolds, revealed these new onboard amenities in a recently released video. The kits and pyjamas, designed in collaboration with United Airlines, draw inspiration from Wrexham AFC’s crest, jerseys, and overall aesthetic.

Amenity Kit Details:

United x Wrexham AFC Amenity Case: For United Polaris business class travellers, this reusable toiletry case features the Wrexham crest and is available in red, black, or white. It includes a top handle, wrap-around zipper, and a loop for hanging.
United x Wrexham AFC Amenity Pouch: For United Premium Plus® travellers, this slim, zippered pouch also features the Wrexham crest and is available in the same colour options. It is designed to fit easily into a carry-on bag.
United x Wrexham AFC Pyjamas: Available to United Polaris business class passengers on flights of 14 hours or more, this lightweight pyjama set includes a red, long-sleeve shirt with the Wrexham AFC and United logos on the front and grey pants with the United logo on the hip.

Each amenity kit contains a United-exclusive Therabody hand cream, lip balm, cleansing towelette, bamboo toothbrush, toothpaste, eye mask, ear plugs, and socks. The Polaris kit also includes Therabody eye serum, face spray, tissues, and a United pen.

Peter Wolkowski, Director of Onboard Product Design at United, commented, “With our amenity kits, we always aim to provide customers with products that make their travel journey more comfortable as well as create one-of-a-kind keepsakes for them to enjoy well beyond their flight. Wrexham’s story is one that has been documented and celebrated these last few years, so we’re thrilled to now give United customers team-branded gear they won’t be able to find anywhere else.”

United Airlines, a prominent sponsor of Wrexham AFC, will continue to support the club throughout the 2024-2025 season. The airline is the front-of-jersey sponsor for both the men’s and women’s teams, and it will also sponsor the club’s North American summer tour, providing exclusive offerings to MileagePlus members.

Community

Milford Haven to commemorate 80th anniversary of D-Day

Published

4 hours ago

May 21, 2024

Tom Sinclair

THE Milford Haven Town Council will be holding a Memorial Service to commemorate the 80th Anniversary of D-Day on The Rath on Thursday, 6th June 2024, at 8:45 pm. The beacon will be lit at 9:15 pm.

D-Day, which took place on 6th June 1944, marked a pivotal moment in World War II. It was the day when Allied forces launched a massive invasion on the beaches of Normandy, France. This operation, known as Operation Overlord, involved thousands of troops from the United States, the United Kingdom, Canada, and other Allied nations. The invasion was a significant turning point in the war, leading to the liberation of Western Europe from Nazi occupation.

The 80th Anniversary of D-Day holds profound meaning for many, particularly for those who lived through the war and the families of those who served. It is a time to reflect on the immense sacrifices made by the soldiers, sailors, and airmen who took part in the operation. It is also an opportunity to honour the bravery and determination of the veterans who survived and to remember those who did not return.

As the years pass, the number of surviving veterans dwindles, making commemorations like these even more poignant. The 80th anniversary serves as a reminder of the enduring legacy of those who fought for freedom and the importance of remembering their contributions to history.

The Memorial Service in Milford Haven will provide a moment for the community to come together in remembrance. The lighting of the beacon will symbolise the light of hope and the enduring spirit of those who fought for a better future. The council encourages all residents to attend the service and pay their respects to the heroes of D-Day.

DID YOU KNOW?

During the lead up to D-Day, part of Milford Haven was taken over by the US Navy as a place where they could dock landing craft as well as make repairs to these craft. The crews would also have been stationed nearby in the town, and a Hospital in Hakin was set up with a hut encampment. The nearby Pier at Newton Noyes was also regularly used by the US Navy.

Landing Ship, Tanks (LST) were often put into Dry Docks to carry out repairs and preparation for the D-Day Landings. The base was the largest Advanced Amphibious Base build by the American Engineers and around 1,000 servicemen and women were stationed at the base during 1943 and 1944.

Crime

Driver to appear in court following crash with motorcyclist in Milford Haven

Published

5 hours ago

May 21, 2024

Tom Sinclair

A DRIVER will appear at Swansea Crown Court following a crash with a motorcyclist in Milford Haven.

Charlotte Harding, 38, of Murray Road in Milford Haven, has been charged with causing serious injury by careless or inconsiderate driving.

It is alleged that Harding crashed an Audi A3 into paramedic Sean Luby, who was riding his Honda motorbike on the A4076 Steynton Road at around 5.10pm on January 29 last year.

For the latest crime and court news for west Wales, you can join our Facebook group here.